- NWF Group said while Q1 has been difficult for the group as a result of the significant falls in commodity prices, which have impacted margins, the outlook at this early stage of the year remains broadly in line with management expectations.

Net debt also remains in line reflecting the normal seasonal fluctuations.

"At this stage of the year the Board's outlook for the year remains broadly in line with its expectations and we continue to focus on development opportunities, both organic and through targeted acquisitions," said chairman Mark Hudson in an AGM statement.

Looking at each division in more detail:

Feeds has continued to focus on providing high quality nutritional advice and sales direct to farmers. Volumes are robust, however margins have been impacted by both the significant price reductions seen in the commodity markets and the announcement of the recent reductions in milk prices across the UK.

In the Food division, the business has remained stable with the normal seasonal reduction in activity across the summer months. All customers are now located at the main Wardle site, which is full and continues to operate efficiently. Service levels have been maintained at 99.7%.

Finally, the Fuels business performed broadly as planned across the quieter summer months against a back drop of volatile and generally lower Brent crude prices, which fluctuated between $115 and $96 per barrel since the period end.

At 8:02am: [LON:NWF] NWF Group PLC share price was -3p at 151.5p

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